Use this inventory information for the month of May to answer the following question. May 1 Beginning inventory 20 units @ $76 7 Purchase 70 units @ $80 18 Sale 25 units 22 Purchase 10 units @ $88 29. Sale 40 units Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis? a $2.800 b. $5.120 foc S2.880 d. $5.200